Why Did QXO Stock Soar Monday?

Building supply company QXO (NYSE:QXO) was conceived and built by entrepreneur Brad Jacobs. News that he's starting yet another company might have spooked investors, but instead, it's helping to drive QXO shares higher today. At 11:05 a.m. ET, the stock was trading higher by 16.7%. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue " Image source: The Motley Fool. QXO also released preliminary third-quarter results today. The reason investors cheered the news of Jacobs' new venture was that it came with word that he would continue to serve as chairman and CEO of QXO. And his strategy is taking hold there. Preliminary results showed 79% year-over-year sales growth at QXO as it executes its acquisitive strategy to grow into a leading building products supplier and distributor. Jacobs has said he expects to achieve $50 billion in annual revenue. After buying Kodiak Building Partners and TopBuild Corp. earlier this year, sales reached nearly $5 billion in the quarter. Jacobs should be at the helm at least until QXO reaches its lofty sales goal. In announcing a separate $1 billion investment to launch a new venture called CKX Lands, Jacobs stated, "I love building multibillion-dollar market leaders, and this $1 billion investment marks the launch of my ninth company. After concluding my chairmanships of XPO, GXO, and RXO last year, I now have the capacity to create this new venture while continuing to lead QXO to its massive potential." That's great news for QXO. It's a reason for optimism in the stock, along with showing the strong growth reported from the business. Should you buy stock in QXO right now? Before you buy stock in QXO, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now... and QXO wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $341,966!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,146,819!* Now, it's worth noting Stock Advisor's total average return is 852% -- a market-crushing outperformance compared to 203% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.

Why Did QXO Stock Soar Monday?

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